NWest Energy Inc is seeking partner(s) to farm-in to a ready to drill oil prospect defined by 3D seismic in shallow waters Offshore Western Newfoundland in the Gulf of St. Lawrence.

Project Overview: NWest holds 4 exploration licences that contain over 1.6 million acres offshore western Newfoundland. All licences have defined seismic targets with considerable exploration potential to host large oil and gas reservoirs.

In 2007 Sproule conducted a Resource Assessment for the licences which identified the top 11 targets having an undiscovered potential of 3.8 billion Bbls OOIP.

In 2008 a 598km2 E3D seismic program covering the 'T' Prospect was completed and GEOSEIS of Calgary was retained to assist with the seismic interpretation. The GEOSIES Volumetric probabilistic modelling for the 'T' Prospect resulted in a Mean Potential Undiscovered Resources of 597mmbls OOIP and Mean Prospective Resources of 114mmbbls.

The 'T' Prospect light oil exploration project is located close to shore (20-30km), shallow water depth (80-150m) and in a benign operating environment.

NWest is looking for potential farm-in partner(s) to assume operatorship and drill 1 - 2 exploration wells. Deal terms are negotiable.

Tags: NWest Energy Inc